Trader Michael van de Poppe has analyzed in detail the possible movements of three promising tokens
The opinions of experts may not coincide with the position of the editorial board. topplabs.org does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Trader Michael van de Poppe analyzed three promising altcoins. In his opinion, interesting movements can occur on the Shiba Inu, THORChain and Zilliqa charts.
Shiba Inu (SHIB)
At the moment, the "meme" cryptocurrency is between two powerful levels of support and resistance, the analyst said . According to him, resistance is at $ 0.0000627 and support is at $ 0.00005. Reaching the support level will allow the altcoin to reverse the local downtrend and move on to testing resistance, van de Poppe noted. According to his forecast, upon overcoming the resistance at around $ 0.0000627, the cryptocurrency will regain its "bullish" momentum.
On October 10, Shiba Inu is trading at $ 0.000054, and its capitalization is $ 29.8 billion. Over the week, the altcoin has fallen in price by 21%. In October, the price of the token increased by more than 1000%.
The Shiba Inu token is called the "Dogecoin killer" by its creators. The developers of Shiba Inu claim to have been inspired by the example of the Reddit community WallStreetBets, whose members were able to "accelerate" the value of the shares of GameStop, AMC and a number of other companies.
Now the THORChain token is in a local downtrend, the trader claims . In his opinion, the altcoin price has already broken through the support level around $ 13.5. Now the value of the cryptocurrency is heading towards the next support level, which is at $ 10.1, the analyst explained. He noted that cryptocurrency quotes may rebound from this zone and return to growth.
THORChain traded at $ 12.8 on Oct.10 with a market cap of $ 3.8 billion, according to CoinGecko. Over the week, the price of the altcoin has decreased by 22%.
THORChain is a protocol that creates a bridge between blockchains to exchange assets quickly and efficiently.
The Zilliqa token is in a phase of accumulation, which in the near future will allow it to overcome the key resistance level and rise in price to $ 0.17 (an increase of 55% from current levels), van de Poppe predicted .
On October 10, Zilliqa is trading at $ 0.11, and the capitalization of the token is $ 1.4 billion. Over the week, the altcoin has fallen in price by 3%.
Zilliqa is a high-performance blockchain for building smart contracts and decentralized applications. The transaction processing speed at Zilliqa is a thousand times higher than that of the Bitcoin network.